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Hot stock: Ezra plunges 37% on Monday amid crisis

SHARES of Ezra Holdings fell by some 37 per cent on Monday to trade at S$0.03, amid a crisis emerging from a potential US$170 million writedown tied to its subsea joint venture (JV).

As at 10.00am, the listed offshore and marine group was the most active stock on Singapore Exchange, on which about 165.5 million Ezra shares had changed hands.

Ezra opened the day at S$0.029, rising quickly to a high of S$0.033, before plunging by over 37 per cent to S$0.03 as at 10.00am. Its low was S$0.028.

The company said on Feb 3 that a US$170 million writedown comprising investment in shareholders' loans and inter-company balances owed by Emas Chiyoda Subsea (ECS) and its subsidiaries may be on the table.